Business
The Bank of Princeton Announces Second Quarter 2020 Results
PRINCETON, N.J., July 23, 2020 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ – BPRN) today reported unaudited results of operations and financial
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":"PRINCETON, N.J., July 23, 2020 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ – BPRN) today reported unaudited results of operations and financial condition for the quarter ended June 30, 2020. The Bank reported net income of $3.1 million, or $0.45 per diluted common share, for the second quarter of 2020, compared to net income of $3.0 million, or $0.44 per diluted common share, for the first quarter of 2020, and net income of $2.8 million, or $0.41 per diluted common share, for the second quarter of 2019. The increase in net income, when comparing this most recent quarter to the three months ended March 31, 2020, was primarily due to a $1.5 million increase in net-interest income, partially offset by a $350 thousand increase in the Bank's provision for loan losses, a $621 thousand decrease in non-interest income and a $471 thousand increase in non-interest expenses. The increase in net income, when comparing it to the three months ended June 30, 2019, was primarily due to a $1.6 million increase in net-interest income and a $141thousand increase in non-interest income, partially offset by a $650 thousand increase in the Bank's provision for loan losses and a $738 thousand increase in non-interest expenses. For the six month period ended June 30, 2020, the Bank recorded net income of $6.2 million, or $0.89 per diluted common share, compared to $3.0 million, or $0.44 per diluted common share for the same period in 2019, primarily due to a $2.2 million increase in net-interest income, a $2.9 million decrease in the Bank's provision for loan losses and a $847 thousand increase in non-interest income, partially offset by $1.9 million increase in non-interest expenses attributed to the Bank's strategy of branch expansion.\nHighlights for the quarter-ended June 30, 2020 are as follows:\nThe Bank originated $175 million in loans under the U.S. government's Payroll Protection Program (\"PPP\"), generating $5.6 million in fees, only $434 thousand of which were recognized in the second quarter of 2020 and the remainder of which will be amortized over the life of the loans, which will be approximately 24 months. Net interest income for the three month period ended June 30, 2020 increased $1.6 million, or 15.8%, over the same period in 2019. The Bank decreased its cost of funds by 58 basis points during the three month period ...